Atria Investments Inc Sells 22,163 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Atria Investments Inc decreased its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 39.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 33,579 shares of the oil and gas company’s stock after selling 22,163 shares during the quarter. Atria Investments Inc’s holdings in Patterson-UTI Energy were worth $257,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. Hexagon Capital Partners LLC increased its position in shares of Patterson-UTI Energy by 119.5% during the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 1,307 shares during the period. Massmutual Trust Co. FSB ADV increased its stake in shares of Patterson-UTI Energy by 250.4% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock worth $33,000 after acquiring an additional 3,087 shares in the last quarter. CWM LLC boosted its position in shares of Patterson-UTI Energy by 49.9% in the 2nd quarter. CWM LLC now owns 6,043 shares of the oil and gas company’s stock worth $63,000 after purchasing an additional 2,012 shares in the last quarter. Blue Trust Inc. raised its stake in Patterson-UTI Energy by 25.0% during the third quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock valued at $73,000 after buying an additional 1,901 shares during the last quarter. Finally, nVerses Capital LLC bought a new position in shares of Patterson-UTI Energy during the third quarter valued at $75,000. Institutional investors own 97.91% of the company’s stock.

Analysts Set New Price Targets

PTEN has been the subject of a number of analyst reports. Stifel Nicolaus reduced their price objective on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, October 11th. ATB Capital reduced their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Wednesday, September 4th. StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Royal Bank of Canada cut their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a report on Friday, October 25th. Finally, Morgan Stanley reduced their price target on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $11.88.

Patterson-UTI Energy Stock Up 3.8 %

PTEN opened at $8.68 on Friday. The stock has a market cap of $3.38 billion, a price-to-earnings ratio of -3.96 and a beta of 2.12. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52. The firm’s fifty day moving average is $8.11 and its 200 day moving average is $9.28. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.38 and a fifty-two week high of $12.65.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.69%. The ex-dividend date is Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio (DPR) is -14.61%.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.